Now that anyone with a Facebook or Twitter account can put their “professional” opinion out on the Internet, your search for genuine financial news can get a little tricky. When everyone is an expert, everyone is confused. It’s all too easy to fall for the fake expert (and their fake news) and believe they know what they’re talking about. If you aren’t willing to think for yourself, you’ll take advice that was never meant for you. But that’s not a foregone conclusion. There are genuine financial experts out there, and they’re sharing financial advice you can trust. It will just take a little effort to confirm what you’re reading is true.

Before you embark on your journey for the truth, start by reading this guide to three common lies people tell about money.

You Shouldn’t Use Credit Cards

This lie is a popular one for a reason: it has its merits. Cash, unlike credit cards, has a limit. Once your wallet is empty, you can’t buy any more stuff until you go to the ATM. And if your account balance says zero, then you can’t buy anything else.

Credit cards give you access to more money than what’s in your account. Many people think cutting up credit cards is a good idea because it eliminates that temptation to spend more than you have. With plastic in your wallet, you can buy that Xbox One X even if your billfold is empty.

If you have some self-control, however, a credit card can be a valuable financial tool with surprising benefits. Depending on the type of card you have, you can earn considerable bonus points that you can redeem on airfare, groceries, or even retail therapy. They also come with added incentives to sweeten the deal, like travellers and purchasing insurances.

The key is to find the card that works for you. Spend some time looking at the various products, and compare their APR, annual fees, and benefits.

They’re an important way to build up your credit, so you can apply for an auto loan, a mortgage, an online cash loan, or even an apartment rental. When you use your credit cards responsibly, they contribute towards your credit rating. Responsible use of this financial tool involves spending within your limit and paying off your balance each month by the due date.

The Bank is the Only Financial Institution

It used to be that, if you weren’t able to get a loan from a friend or a family member, the only source for financial support was the bank. To this day, the bank remains an important financial institution that helps you throughout the different stages of your life.

• They offer student lines of credit to those just starting their post-secondary education
• They facilitate mortgages to people looking to get a foot on the property ladder
• They help with long-term personal loans and debt consolidation for those struggling to make ends meet on their own.

The year is 2018, so you can expect things to be a little different. Now there are other organizations you can trust in your financial time of need, and some — like the founders of GoDay — provide a unique alternative to what the bank can offer. Often, a bank facilitates loans that involve a time-intensive process that’s out of touch with the reason you need financial assistance. Loans that take days or even weeks to process won’t help you when you need to pay an urgent vet bill or make an immediate household repair.

In Canada payday lenders offer a quicker substitute by curating a borrowing experience that’s carried out primarily online. Lenders like GoDay have eliminated much of the red tape slowing down conventional loans, so they can review, approve, and facilitate faster. When fast approaching deadlines are in your immediate future, research the easy ways to get an online loan for these time-sensitive issues.

Any Savings Account Will Do

Most people recognize the important function savings play in their finances. They help you plan for the future, so you can make a big purchase, retire in comfort, go travelling, or cover something like a speeding ticket. That isn’t in dispute — but how you save is.

While any savings account is better than none, some accounts are designed to make you more money. A basic savings account isn’t one of them. They’re a great place to stash your cash, but you won’t be earning enough interest on it to account for inflation a decade in the future. When your account’s interest rate doesn’t at least match the rate of inflation, the purchasing power of your loonies diminishes.

This doesn’t matter if you’re just socking away money for your March Break trip or the 2018 holidays. It does make a difference when you’re saving for long-term goals like retirement. When you’re saving for something years down the line, you need to find a specialized account that offers the highest interest rate possible. Many of the highest rates often come with an expected account balance minimum, so you’ll need to research your options if you are starting from scratch.

The bottom line: be cautious

Lies: they’re all around you. When it comes to your finances, lies about what’s good or bad can significantly impair your ability to save. Don’t be a rube. Try to develop a personal lie detector test, so you can spot the deceptions that mean to do you the most harm. Until then, trust this short guide to help you make your decisions about credit, borrowing, and saving. And if you don’t trust this — start researching! Compare other sources online. When enough articles and individuals corroborate this, you’ll find the truth.